GameStop raises $2 billion in stock sale during meme frenzy
- GameStop raised over $2 billion by selling 75 million shares in a stock sale.
- The retailer capitalized on meme frenzy and completed an at-the-market equity offering.
- The company sold the maximum number of shares to raise proceeds of $2.14 billion.
GameStop raised over $2 billion by selling 75 million shares through an equity offering program for general corporate purposes, including acquisitions and investments. This marked the second such offering in a month, following a previous sale of 45 million shares that grossed $933.4 million. The stock sales coincided with increased attention on GameStop due to meme stock trader Keith Gill's activity on social media, where he expressed continued support for the company and its management team. Despite a decline in net sales in the first quarter, GameStop is focused on a strategic plan to enhance profitability and leverage its brand recognition in the gaming industry. The recent stock sale, influenced by Roaring Kitty's return, has helped GameStop raise significant funds and attract investor interest.